TV-Loonland has given notice to more than 50 per cent of the staff who are currently employed at its Munich office.
The move - which has been set for later in the summer - is part of the firm's restructuring programme. It has taken the difficult step now so that its future shape across its offices better reflects its ongoing business, according to the official statement.
The staff cuts follow on from the recent debt restructuring exercise and debt for equity swap.
Meanwhile, TV-Loonland continues to be in discussion on the sale of its UK film distribution business Metrodome besides other assets to pay back all debts in the first half of 2008.